Challenges Every New Entrepreneur May Face
February 28, 2019
Starting a new business is no small feat. Taking the idea from the drawing board and turning it into a reality takes tireless dedication and strong willpower. Even with the obstacles they face, many entrepreneurs lift their business off the ground and head towards a path of success.
Lindsey Pete and Nick Gunderson of Chestnut Hill Brewing Company, a local take on the classic craft beer and wood-fired pizza duo, advise anyone looking to start a business to take that risk and follow your passion. Roadblocks will always be in the way, but getting past them is easier when there is enthusiasm about what you are doing. Despite all the hard work, every entrepreneur may face some common challenges - here are a few to be aware of!
Having the adequate funding to keep a startup running is one of the initial problems that may arise and continue. In order to ensure success of the business, an entrepreneur will need to secure enough money to maintain all the different facets of operating a business, such as obtaining office space, acquiring the necessary tools to create the product and having enough money to pay employees.
Once the business itself starts making a profit, there needs to be a method in place that can manage the influx of money and continue putting the appropriate amounts toward various expenditures. It is important to figure out where the money will come from, such as a savings account or a loan.
2. Create a Solid Client Base
Clients are the core of any small business. No matter the product or business, if the right audience isn’t reached and there isn’t a strong customer base, the company may not advance. No clientele for a business essentially means there is no business.
In order to properly create that strong base, the correct audience needs to be targeted. Marketing strategies often begin with knowing who that product or business is geared toward, then advertising to them. Taking the time to sit down and detail a campaign plan can be the big break a startup needs. Customers not only allow a business to survive, but are essential to its growth.
3. Hire the Best People
Many business owners feel that in the beginning stages, they can handle the entire workload themselves. While it is an asset to have many skills, those talents may not be as sharp if you are multitasking. In order to have a smooth start and allow the best work to be produced, the right people are needed to handle the responsibilities that they are trained and skilled in.
Having only one person handle all aspects of the business can create issues and hold ups that a startup cannot afford. The time and money this can waste is money that can be put toward creating a strong team. While employees focus on individual tasks, entrepreneurs can focus their attention on one thing at a time with the satisfaction of knowing that everything is still under control.
4. Work-Life Balance
Startups require more time, money, energy and commitment than one may think. Along with the thrill of becoming a new business owner comes stacks of paperwork, meetings and account handling. At first, it is natural to be energized and motivated by the excitement. However, soon, the initial excitement is lost, and the overwhelming feeling settles in.
Striking that balance between work and life is a major key to thriving as an entrepreneur. In order to avoid the risk of burning out, business owners need to create proper hours that allow enough time for work and time to have a life outside of it. Rest, good health and maintaining relationships are things that should not be neglected.
As the heart and soul of every community, small businesses are motivated by entrepreneurs’ dedication and the support of those that believe in them and their dreams. Turning a passion into a reality as an entrepreneur is a difficult venture, but not impossible. As with any new journey, obstacles will come and go, but solutions are manageable. It is the love one has for their work that will take them to the end with a prospering business.
Jill Patel, Charles D. Close School of Entrepreneurship, Communications